Medicare Moments: Confused About Medicare? You’re Not Alone!

Medicare is confusing, and nobody understands that better than Toni King. That’s why she addresses exactly that in her recent presentation to a Chamber of Commerce Group! Toni explains Medicare in everyday language so that you can make the best decision for your Medicare enrollment or Medicare plan change needs. They don’t call her the Medicare expert for nothing!

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5 Things You Need to Know About Medicare Supplement Plans

1. Changing your Medicare supplement plan is not limited to the annual enrollment period.

Contrary to popular belief, you can change your Medicare supplement plan at any time of the year. The annual enrollment period (AEP) primarily applies to changing Medicare Advantage plans or prescription drug plans. So, if you’re facing rate increases or need a different plan, don’t wait for the AEP.

2. Plan F rates are skyrocketing.

Since the Medicare Access and Chip Reauthorization Act (MACRA) was passed in 2015, the rates for Plan F have been increasing significantly. This is because Congress aimed to control costs by slowly phasing out Plan F. This means that people already on Part A of Medicare before January 1, 2020, can enroll in Plan F, but those who turned 65 after that date cannot.

3. Consider Plan G or Plan N as alternatives.

If you’re facing rate increases and want to switch from Plan F, you have other options. Plan G offers lower rates compared to Plan F, with the only difference being that it doesn’t cover the Part B deductible. On the other hand, Plan N is designed to resemble Medicare Advantage plans, with copays for doctor visits and emergency room visits. However, Plan N does not cover Part B excess charges.

4. Evaluate underwriting requirements.

When considering a change in your Medicare supplement plan, keep in mind that different plans may have different underwriting questions. If you or your spouse have pre-existing health conditions like cancer or heart issues, you’ll need to ensure that you qualify for the new plan. Answer the underwriting questions honestly to determine eligibility.

5. Don’t cancel your existing plan until you get approved.

If you decide to switch to a new Medicare supplement plan, be cautious not to cancel your existing plan before getting approved for the new one. It’s essential to maintain coverage until you’re certain that your new plan is in place and meets your needs. Canceling prematurely could leave you without coverage and potentially without approval for the new plan.

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